India will continue to be an economic hub predicts IMF
New Delhi: On February 1, Finance Minister Nirmala Sitharaman will present the next general budget of the Government of India. Everyone’s eyes are fixed on the announcement to be made in the budget. IMF has given good news before the budget and economic survey. The IMF estimates that in 2023 and 2024 it may exceed China and the US.
While tweeting the report, IMF Deputy Managing Director Geeta Gopinath said that the global economy may see a decline this year as compared to last year. The good thing for India is that the country’s growth rate is expected to be higher than China and America in the current year. However, there may be a decline in the growth rate as compared to last year.
The IMF has expressed in its forecast, “India’s growth rate may decline from 6.8 percent in 2022 to 6.1 percent in 2023. However, it is once again expected to go up to 6.8 percent in 2024. At the same time, the Chief Economist and Research Director of the IMF said, “We have retained the October estimate for the current financial year. But after March, there may be a decline in the growth rate. In the financial year 2023, the speed of India’s economy can be 6.1 percent. The reason for the decline in the growth rate is global instability.
India’s speed will be faster than America and China
The IMF has said in its projection that the growth rate of the US economy for the year 2023 could be 1.4 percent, China’s 5.2 percent. Which is less as compared to India. Let me tell you, the last year has been very challenging for China. The Zero Covid policy proved to be a bad year for the Chinese economy. But the new year can be a relief for India’s neighbour.
India’s fastest growth rate
Where China is facing the brunt of Covid. So on the other hand, the ongoing war between Russia and Ukraine has had a bad effect on America and European countries. India will register the fastest growth rate even in times of crisis. Not only in 2023 but also in 2024, India’s economy will grow faster than countries like China and America.
The IMF has said in its report, “India will continue to be an economic hub. China and India together will share half of the global growth rate. At the same time, these two countries will contribute 10 times more than the US and the European Union.